HomeMy WebLinkAboutResolutions - 1987.12.10 - 17893Miscellaneous Resolution # 87341 December 10. 1987
BY: PLANNING & BUILDING COMMITTEE, Anne M. Hobart,
Chairperson
DRAIN COMMISSIONER
IN RE: RESOLUTION TO AMEND RESOLUTION AUTHORIZING ISSUANCE
OF OAKLAND COUNTY WATER SUPPLY AND SEWAGE DISPOSAL
BONDS (AUBURN HILLS 1987 PROJECTS)
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, this board of Commissioners, by Miscellan-
eous Resolution No. 87008 adopted February 5, 1987, author-
ized the issuance of Oakland County Water Supply and Sewage
Disposal Bonds (Auburn Hills 1987 Projects) in the principal
amount of $3,130,000; and
WHEREAS, revised plans and specifications and
revised cost estimates for the projects to be financed have
been submitted to-this Board for its approval; and
AGE DISPO
WHEREAS, it is, therefore, necessary to amend
Miscellaneous Resolution No. 87008.
THEREFORE BE IT RESOLVED BY THE BOARD OF COMMIS-
SIONERS OF OAKLAND COUNTY, MICHIGAN Ithat Sections 1, 3, 4,
10 and 16 of Miscellaneous Resolution No. 87008, adopted
February 5, 1987, be amended as follows:
1. PLANS AND SPECIFICATIONS - ESTIMATES OF PERIOD
OF USEFULNESS AND COST. The revised plans and specifica-
tions for the projects and the revised estimate of
$2,850,000 as the cost thereof and the estimate of 40 years
and upwards as the period of usefulness thereof, as
submitted to this Board of Commissioners be and the same are
approved and adopted.
3. AUTHORIZATION OF BONDS - PURPOSE. Subsequent -
to execution of the Contract by the parties thereto, bonds
of the County, aggregating the principal sum of Two Million
Eight Hundred Fifty Thousand Dollars ($2,850,000) shall be
issued and sold pursuant to the provisions of Act 342, and
other applicable statutory provisions, for the purpose of
defraying the cost of acquiring and constructing the Auburn
Hills Water Supply System Extension No. 3 and the Clinton-
Oakland Sewage Disposal System Auburn Hills Extension No. 2.
4. BOND DETAILS. The bonds shall be designated
"Oakland County Water Supply and Sewage Disposal Bonds
(Auburn Hills 1987 Projects)" shall be dated January 1,
1988; shall be numbered from 1 upwards; shall be fully
registered; shall be in the denomination of $5,000 each or
any integral multiple thereof not exceeding the aggregate
principal amount for each maturity at the option of the
purchaser thereof; shall tear interest at a rate or rates
not exceeding 12% per annum to be determined upon the sale
thereof payable on May 1, 1988 and semi-annually thereafter
on the first days of May and November in each year; and
shall mature on November 1 in each year as follows:
-2-
1989 $ 50,000
1990 50,000
1991 75,000
1992 75,000
1993 100,000
1994 150,000
1995 175,000
1996 200,000
1997 $225,000
1998 250,000
1999 275,000
2000 275,000
2001 300,000
2002 325,000
2003 325,000
10. FORM OF BONDS. The bonds shall be in substan-
tially the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF OAKLAND
OAKLAND COUNTY WATER SUPPLY
AND SEWAGE DISPOSAL BOND
(Auburn Hills 1987 Projects)
INTEREST RATE MATURITY DATE OF ORIGINAL ISSUE CUSIP
January 1, 1988
Registered Owner
Principal Amount
The County of Oakland, State of Michigan, (the
"County"), acknowledges itself indebted to, and for value
received, hereby promises to pay to the Registered Owner
identified above, or, registered assigns, the Principal
Amount set forth above on the maturity date specified above,
unless redeemed prior thereto as hereinafter provided, upon
presentation and surrender of this bond at
in the City of , Michigan,
the bond registrar and paying agent, and to pay to the
Registered Owner, as shown on the registration books at the
close of business on the 15th day of the calendar month
preceding the month in which an interest payment is due, by
Check or draft drawn upon and mailed by the bond registrar
and paying agent by first class mail postage prepaid to the
Registered Owner at the registered address, interest on such
Principal Amount from the Date of Original Issue or such
later date through which interest shall have been paid until
the County's obligation with respect to the payment of such
Principal Amount is discharged at the rate per annum speci-
fied above. Interest is payable on the first days of May
and November in each year, commencing on May 1, 1988. Prin-
cipal and interest are payable in lawful money of the United
States of America.
This bond is one of a series of bonds aggregating
the principal sum of Two Million Eight Hundred Fifty Thou-
sand Dollars ($2,850,000) issued by the County under and
pursuant to and in full conformity with the Constitution and
Statutes of Michigan (especially Act No. 342, Public Acts of
1939, as amended) and a bond authorizing resolution, as
amended, adopted by the Board of Commissioners of the County
(the "Resolution") for the purpose of defraying the cost of
acquiring and constructing the Auburn Hills Water Supply
System Extension No. 3 and the Clinton-Oakland Sewage Dispo-
sal System Auburn Hills Extension No. 2. The bonds of this
series are issued in anticipation of payments to be made by
the City of Auburn Hills in the aggregate principal amount
of Two Million Eight Hundred Fifty Thousand Dollars
($2,850,000) pursuant to contracts between the County and
-4-
the City of Auburn Hills dated as of January 1, 7987. The
full faith and credit of the City of Auburn Hills have been
pledged to the prompt payment of the foregoing amount and
the interest thereon as the same become due. As additional
security the full faith and credit of the County are hereby
pledged for the prompt payment of the principal of and
interest on the bonds of this series. Taxes levied by the
City and the County to pay the principal of and interest on
the bonds of this series are subject to Constitutional tax
limitations.
This bond is transferable, as provided in the Reso-
lution, only upon the books of the County kept for that
purpose by the bond registrar and paying agent, upon the
surrender of this bond together with a written instrument of
transfer satisfactory to the bond registrar and paying agent
duly executed by the registered owner or his attorney duly
authorized in writing. Upon the exchange or transfer o f
this bond a new bond or bonds of any authorized denomina-
tion, in the same aggregate principal amount and of the same
interest rate and maturity, shall be authenticated and deli-
vered to the transferee in exchange therefor as provided in
the Resolution, and upon payment of the charges, if any,
therein provided. Bonds so authenticated and delivered
shall be in the denomination of $5,000 or any integral
multiple thereof not exceeding the aggregate principal
amount for each maturity.
The bond registrar and paying agent shall not be
required to transfer or exchange bonds or Portions of bonds
which have been selected for redemption.
Bonds maturing prior to November 1, 1998, are not
subject to redemption prior to maturity. Bonds maturing on
and after November 1, 1998, are subject to redemption prior
to maturity at the option of the County, in such order as
shall be determined by the County, on any one or more inter-
est payment dates on and after November 1, 1997. Bonds of a
denomination greater than $5,000 may be partially redeemed
- in the amount of $5,000 or any integral multiple thereof.
If less than all of the bonds maturinc in any year are to be
redeemed, the bonds or portions of bonds to be redeemed
shall be selected by lot. The redemption price shall be the
par value of the bond or portion of the bond called to be
redeemed plus interest to the date fixed for redemption and
a premium as follows:
2% of the par value if called for redemption
on or after November 1, 1997, but prior
to November 1, 1999;
- 1 1/2% of the par value if called for redemption
on or after November 1, 1999, but prior
to November 1, 2001;
1% of the par value if called for redemption
on or after November 1, 2001.
Not less than thirty days notice of redemption
shall be given to the holders of bonds called to be redeemed
by mail to the registered holder at the registered address.
Bonds or portions of bonds called for redemption shall not
bear interest after the date fixed for redemption, provided
funds are on hand with the bond registrar and paying agent
to redeem the same.
It is hereby certified, recited and declared that
all acts, conditions and things required to exist, happen
and be performed precedent to and in the issuance of the
bonds of this Series, existed, have happened and have been
performed in due time, form and manner as required by law,
and that the total indebtedness of said County, including
the series of bonds -of which this bond is one, does not
exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the County of Oakland,
Michigan, by its Board of Commissioners, has caused this
bond to be executed in its name by facsimile signatures of
the Chairman of the Board of Commissioners and the County
Clerk and its corporate seal (or a facsimile thereof) to be
impressed or imprinted hereon. This bond shall not be valid
unless the Certificate of Authentication has been manually
executed by an authorized representative of the bond regi-
strar and paying agent.
COUNTY OF OAKLAND
(SEAL)
By: By:
County Clerk Chairman,
Board of Commissioners
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the within
mentioned Resolution.
Bond Registrar and Paying Agent
By:
Authorized Representative
AUTHENTICATION DATE:
ASSIGNMENT
For value received, the undersigned hereby sells, assigns
and transfers unto
(please print or type name, address and taxpayer identifica-
tion number of transferee) the within bond and all rights
thereunder and does hereby irrevocably constitute and
appoint
attorney to transfer the within
bond on the books kept for registration thereof, with full
power of substitution in the premises.
Dated:
Signature Guaranteed
The signature must be guaranteed by a commercial bank, a
trust company or a brokerage firm which is a member of a
major stock exchange.
16. TAX COVENANT. The County covenants to comply
with all requirements of the Internal Revenue Code of 1986,
as amended, necessary to assure that the interest on the
bonds will be and will remain excludable from gross income
for federal income tax purposes. The County Drain commis-
sioner and other appropriate County officials are authorized
to do all .things necessary (including the making of cove-
nants of the County) to assure that the interest on the
bonds will be and will remain excludable from gross income
for federal income tax purposes.
Mr. Chairman, on behalf of the Planning & Building Committee, I move
the adoption of the foregoing resolution.
PLANNING & BUILDING
roccJNG prçoLtyif,041:,
10th day of // ) December 1987
ALLEN
RESOLUTION # 87341
December 10, 1987
Moved by Hobart supported by Skarritt the resolution be adopted.
AYES: Wilcox, Aaron, Bishop, Caddell, Calandro, Crake, Gosling, Hobart,
Jensen, R. Kuhn, S. Kuhn, Lanni, Law, Luxon, McConnell, McDonald, A. McPherson, R.
McPherson, Moffitt, Oaks, Page, Pernick, Price, Rewold, Rowland, Skarritt. (26)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a seal,
do hereby certify that I have compared the annexed copy of
this Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meeting held on December 10, 1987
with the orginial record thereof now remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan
this
Cour/Ey Clerk/Register of Deeds